During May, there was a great development in the crypto mining sector. The strategic moves of key players from the US to Russia and the launch of new hardware were one of the sector's notable headlines.
Riot Platforms launches its first major BTC sale of the year
US-based Crypto Mining Company Riot Platforms announced that it sold 475 Bitcoin in April, marking its first major BTC sale since January 2024.
Riot tended to retain the BTC that he had previously created in his HODL strategy. It is believed that the sale may have been made for operational expenses or for funding for new investments.
The American Bitcoin company backed by US President Donald Trump has accelerated plans to make it public. The company will perform the IPO process by integrating with Griffon Digital Mining. The merger in question shows that the trend in IPOs through SPACs (Special Purpose Acquisition Company) continues in this sector.
The Russian government has proposed to lease mining equipment and impose value-added tax (VAT) on domestic companies that provide hashrate services to foreign customers. The purpose of this move is to regulate international mining operations and increase tax revenue.
Mining Hardware Giant Bitmain has launched a new ASIC mining device that offers 9.5 j/th efficiency. Standing out for its low energy consumption, the device is particularly attractive for large mining farms looking to reduce energy costs. Details regarding the sale of the device will be shared in the coming weeks.
These developments in the mining industry show that both political support and technological innovation continue to form the sector. The energy efficiency-focused device and public recruitment strategy demonstrate that the sector is evolving towards a more corporate and transparent structure.
*This is not investment advice.
